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News Article | June 29, 2017
Site: www.prnewswire.com

"We congratulate John on his appointment as Chief Financial Officer," stated Mark O. Decker, Jr., IRET's Chief Executive Officer.  "John is a seasoned real estate public company executive and has already contributed meaningfully to our company since he joined our team earlier this spring.  His depth of experience and knowledge give us great confidence in his ability to lead our financial team's efforts as CFO, and we look forward to his contributions as we continue to execute our strategic transformation to a focused multifamily platform." Mr. Kirchmann joined IRET in April 2017 to assume the position of Chief Financial Officer upon the completion of the fiscal year 2017 audit. Prior to joining the Company, he served as Vice President of Operations Support at Essex Property Trust, a NYSE-listed multifamily REIT, until July 2016 where he was responsible for the oversight of revenue management and ancillary income, procurement, and other functions. From 2007 to 2011, he served as Corporate Controller & Corporate Treasurer at Essex, where he oversaw property and corporate accounting functions, treasury management, and re-engineered and implemented new technology and systems. He has been a private consultant since July 2016, providing executive accounting and operations services to publicly traded companies, one of which was IRET. Mr. Kirchmann started his career at KPMG. He received a B.A. in Business Administration with a Concentration in Accounting from Coe College. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of April 30, 2017, IRET owned interests in 129 properties that were held for investment, consisting of: (1) 87 multifamily properties containing 12,855 units, and (2) 42 commercial properties, including 29 healthcare properties, containing a total of approximately 2.6 million square feet of leasable space.  IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation and the closing of the remaining sales of senior housing properties pursuant to two existing agreements, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/investors-real-estate-trust-completes-chief-financial-officer-transition-300481673.html


News Article | June 2, 2017
Site: www.prnewswire.com

Interested parties can also access the webcast by visiting the Investor Relations section of the Company's website. A replay of the webcast and the presentation will be available for a limited time. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iret-to-present-at-nareits-reitweek-2017-300468093.html


Additionally, Company's 2017 Annual Meeting of Shareholders shall be held at 9:00 a.m. Central Daylight Time on Tuesday, September 19, 2017, at the Grand Hotel, 1505 North Broadway, Minot, North Dakota.  Shareholders of record as of the close of business on July 21, 2017 shall be entitled to notice of and to vote. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation and the closing of the remaining sales of senior housing properties pursuant to two existing agreements, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/investors-real-estate-trust-announces-distributions-for-the-first-quarter-of-fiscal-year-2018-and-announces-date-of-annual-shareholder-meeting-300470586.html


Financial Results for the Three and Twelve Months Ended April 30, 2017 Compared to the Prior Year Periods Net income available to common shareholders for the quarter ended April 30, 2017 was $28.0 million compared to $8.1 million for the same period of the prior fiscal year. The increase of $19.9 million was primarily due to an increase in income from discontinued operations (including gains on sale) of $27.0 million, net of a decrease in gain on bargain purchase of $3.4 million and an increase in net income attributable to noncontrolling interests – Operating Partnership of $2.6 million. Net income available to common shareholders for the twelve months ended April 30, 2017 was $31.4 million compared to $60.5 million for the prior fiscal year. The decrease of $29.1 million was primarily due to net gain on extinguishment of debt in discontinued operations that was recognized in the prior period of $29.3 million and an increase in impairment expense attributable to IRET of $42.1 million, net of an increase in gains on sale of real estate (including discontinued operations) of $41.4 million. FFO for the quarter ended April 30, 2017 was $10.2 million, or $0.07 per share/unit. FFO for the twelve months ended April 30, 2017 was $55.2 million, or $0.40 per share/unit. The table below highlights FFO and Adjusted Funds from Operations ("AFFO") results for the most recent five quarters. Occupancy as of April 30, 2017 compared to April 30, 2016 decreased in the multifamily and healthcare segments by 0.7% and 3.1%, respectively, on a same-store basis. Occupancy represents the actual number of units or square footage leased divided by the total number of units or square footage at the end of the period. Operating Results for the Three Months Ended April 30, 2017 Compared to the Prior Year Period Total revenue increased by $5.8 million, or 12.0%, in the three months ended April 30, 2017 compared to same period one year ago. NOI from all properties increased by approximately $4.0 million, or 14.3%, for the quarter ended April 30, 2017 compared to the same period one year ago. Non-Same-Store properties, primarily recent developments which continue to perform strongly, provided for an increase in NOI of $5.0 million while Same-Store NOI decreased by approximately $997,000 for the quarter ended April 30, 2017 compared to the prior year. Multifamily Results for the Three Months Ended April 30, 2017 Compared to the Prior Year Period Multifamily (including Non-Same-Store) NOI increased by approximately $1.5 million or 7.8% for the quarter ended April 30, 2017 compared to the same period one year ago. Same-Store Multifamily Results for the Three Months Ended April 30, 2017 Compared to the Prior Year Period The Same-Store portfolio showed generally mixed results year over year, as NOI was slightly lower for the non-energy impacted markets. Increased revenues and average rental rates were offset by increases in expenses across most markets.  On a comparative period basis in the non-energy impacted markets, Billings, Bismarck and Rochester experienced the most significant expenses increases due to increases in utility costs in both Billings and Bismarck, maintenance costs in all three markets due to excess snow removal expenses, and increased administrative labor expenses in both Billings and Rochester. Rochester was also affected by increased turnover and janitorial expenses as our properties adjust to new supply in this market.  Bismarck was also affected by stabilizing real estate taxes on our newest asset. Operating margins of Same-Store multifamily NOI to gross revenues decreased by 2.2% year over year to 55.1% for the fourth quarter of fiscal year 2017, as compared to the fourth quarter of fiscal year 2016. The table below represents Same-Store multifamily performance by region for the fourth quarter ended April 30, 2017 compared to the prior year period. Same-Store Multifamily Results for the Twelve Months Ended April 30, 2017 Compared to the Prior Year Period The Same-Store portfolio showed generally mixed results year over year, as NOI was slightly lower for the non-energy impacted markets and significantly lower when including the energy impacted markets. Increased revenues and average rental rates in the non-energy impacted markets were offset by increases in expenses across most markets. Bismarck, Minneapolis and Rochester experienced the most significant expenses increases due to increases in maintenance snow removal expenses and administrative labor expenses in all three markets, and increased real estate expenses in Bismarck.  Although the Minneapolis market did experience an average rental rate increase of 10.3% resulting in an NOI increase for the comparative period of 8.9%. Operating margins of Same-Store multifamily NOI to gross revenues decreased by 1.7% year over year to 55.6% for fiscal year 2017, as compared to fiscal year 2016. The table below represents Same-Store multifamily performance by region for the twelve months ended April 30, 2017 compared to the same period one year ago. During the twelve months ended April 30, 2017, two development projects were placed in service, as detailed in the following table: Subsequent to year end, in May, acquired Oxbō Apartments, a 191-unit multifamily property in St. Paul, Minnesota for $61.5 million. During the three months ended April 30, 2017, IRET disposed of 22 properties, including 19 senior housing properties, 2 healthcare properties and 1 multifamily property for a total sales price of $155.4 million with a gain on sale of $37.5 million, netting approximately $126.2 million in proceeds after repayment of debt. Subsequent to year end, IRET disposed of a retail property for a total sales price of $3.4 million with a gain on sale of approximately $108,000, netting approximately $3.2 million in proceeds. At April 30, 2017, IRET had $28.8 million cash on hand and its operating partnership had available borrowing capacity of $149.0 million under its $206.0 million line of credit, which matures January 31, 2021. On April 3, 2017, IRET paid a quarterly distribution of $0.07 per common share and unit of IRET Properties. This was IRET's 184th consecutive distribution. IRET also paid, on March 31, 2017, a quarterly distribution of $0.496875 per share on its Series B preferred shares. Declaration of Distributions for First Quarter of Fiscal Year 2018 The Board of Trustees has declared quarterly distributions in the aggregate amount of $0.07 per share/unit, payable on July 3, 2017 to common shareholders and unitholders of record at the close of business on June 15, 2017.  Additionally, the Board of Trustees declared a distribution of $0.496875 per share on the 7.95% Series B Cumulative Redeemable Preferred Shares (NYSE: IRET PRB), payable on July 3, 2017 to holders of record at the close of business on June 15, 2017. Series B preferred share distributions are cumulative and payable quarterly in arrears at an annual rate of $1.9875 per share. The conference call to discuss Fourth Quarter Earnings is scheduled for Thursday, June 29, 2017 at 10:00 A.M. Eastern Time. Conference call access information is as follows: IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of April 30, 2017, IRET owned interests in 129 properties that were held for investment, consisting of: (1) 87 multifamily properties containing 12,855 units, and (2) 42 commercial properties, including 29 healthcare properties, containing a total of approximately 2.6 million square feet of leasable space.  IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. IRET produced the Supplemental Operating and Financial Data for the Quarter Ended April 30, 2017 ("Supplemental Information"), which is available on IRET's website at www.iret.com. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined under the section titled "Definitions" in the Supplemental Information. This earnings release, including the Supplemental Information, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, which may be identified by the use of words such as "expects," "plans," "estimates," "anticipates," "projects," "intends," "believes," "outlook" and similar expressions that do not relate to historical matters, specifically including IRET's future plans and anticipated operating results, are based on IRET's expectations, forecasts and assumptions at the time of this earnings release. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks, uncertainties and other factors that might cause such differences include, but are not limited to: intentions and expectations regarding future distributions on common shares and units; changes in operating costs; fluctuations in interest rates; adverse capital and credit market conditions that might affect IRET's access to various sources of capital and cost of capital; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; adequate insurance coverage; the effect of government regulation; delays or inability to obtain necessary governmental permits and authorizations; changes in general and local economic and real estate market conditions; changes in demand for IRET properties that may result in lower than expected occupancy and/or rental rates; ability to acquire quality properties in IRET's targeted markets; ability to successfully dispose of certain assets; competition for tenants from similar competing properties; IRET's ability to attract and retain skilled personnel; cyber-intrusion; abandonment of development or redevelopment opportunities for which IRET has already incurred costs; delays in completing development, redevelopment and/or lease up of properties and increased costs; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including IRET's Form 10-K for the fiscal year ended April 30, 2017 and subsequent quarterly reports on Form 10-Q. IRET assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iret-announces-financial-and-operating-results-for-the-quarter-and-fiscal-year-ended-april-30-2017-300481471.html


News Article | May 26, 2017
Site: www.prnewswire.com

The Company acquired 202 7th Street West, located in St. Paul, Minnesota, for approximately $61.5 million.  The newly constructed property is currently 42% leased and consists of 191 rentable units featuring desirable interior finishes, fitness club, rooftop pool deck, sky lounge, club room and concierge services, as well as indoor parking, bike storage, and a dog wash station. The building also features nearly 12,000 square feet of fully leased street level retail space. The property is located in one of St. Paul's most vibrant neighborhoods, steps away from entertainment, restaurants and employment centers, as well as local landmarks such as the Mississippi River, The Science Museum of Minnesota, Xcel Energy Center, and Ordway Theater. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to:  changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iret-acquires-multifamily-property-for-615-million-300464391.html


News Article | June 12, 2017
Site: www.prnewswire.com

Ms. Picotte most recently served as director of client services and real estate at Greystar Real Estate, a privately held property management, development and investment firm.  Her responsibilities included identifying real estate investment opportunities for current and prospective clients, and facilitating business-opportunity partnerships between current and prospective clients.  Prior to working at Greystar Real Estate, Ms. Picotte was the Director of Asset Management at Steven Scott Management, with a direct focus on property portfolio operations management with numerous leadership responsibilities. IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space. IRET's common shares and Series B preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRETPRB, respectively). IRET's press releases and supplemental information are available on its website at www.iret.com or by contacting Investor Relations at 701-837-7104. Certain statements in this press release, including statements regarding IRET's plans and expectations with respect to its strategic transformation and the closing of the remaining sales of senior housing properties pursuant to two existing agreements, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results.  Such risks, uncertainties and other factors include, but are not limited to: changes in operating costs; the effect of government regulation; the availability of capital; changes in general and local economic and real estate market conditions; IRET's ability to complete acquisitions and dispositions on attractive terms, or at all; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; fluctuations in interest rates; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; competition; IRET's ability to attract and retain skilled personnel; and those risks and uncertainties detailed from time to time in IRET's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2016.  We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/investors-real-estate-trust-announces-vice-president-of-asset-management-300472112.html


News Article | February 27, 2017
Site: www.prnewswire.com

MINOT, N.D., Feb. 27, 2017 /PRNewswire/ -- IRET (NYSE:IRET) has scheduled a conference call for Tuesday, March 14, 2017 at 10:00 a.m. Eastern Time to discuss IRET's third quarter fiscal 2017 financial and operating results. IRET's quarterly report on Form 10-Q for the fiscal third...


NEW YORK, December 19, 2016 /PRNewswire/ -- Stock-Callers has lined up the following Diversified REITs for today: Investors Real Estate Trust (NYSE: IRET), Anworth Mortgage Asset Corp. (NYSE: ANH), iStar Inc. (NYSE: STAR), and Blackstone Mortgage Trust Inc. (NYSE: BXMT). These real...


News Article | November 1, 2016
Site: www.prnewswire.com

MINOT, N.D., Nov. 1, 2016 /PRNewswire/ -- IRET (NYSE: IRET) today announced the completion of the sale of eight senior housing assets in Idaho, totaling 313 units, for a total sales price of approximately $43.9 million on October 31, 2016. The assets were sold to the current tenants, who a...


MINOT, N.D., Dec. 12, 2016 /PRNewswire/ -- IRET (NYSE: IRET) today reported its financial and operating results for the quarter and year-to-date ended October 31, 2016 and distributions for the third quarter of fiscal year 2017. Second Quarter Fiscal Year 2017 Highlights...

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